Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Congress Passes VA Loan Bill for Kentucky VA Home Buyers

The President is expected to sign H.R. 299, the ‘Blue Water Navy Vietnam Veterans Act.’ This legislation includes language which will eliminate the cap on the VA home loan guarantee.

Source: Congress Passes VA Loan Bill

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Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.

Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.

 

Foreclosure and Bankruptcy Guidelines For Kentucky VA Home Mortgage Loans in 2019 and 2020


Follows guidelines provided for bankruptcies filed under straight liquidation (Chapter 7)
The fact that a home loan foreclosure in Kentucky  (or deed-in-lieu or short sale in lieu of foreclosure) exists in a borrower(s) history does not in itself disqualify the VA borrower for a Kentucky VA  loan. Develop complete information on the facts and circumstances of the foreclosure
You may disregard a foreclosure finalized more than 2 years from the date of closing. If the foreclosure was finalized within the last 1 to 2 years from the date of closing, it is probably not possible to determine that the borrower(s) is a satisfactory credit risk unless both of the following requirements are met:The borrower (s) has obtained consumer items on credit subsequent to the foreclosure and has satisfactorily made the payments over a continued period, and the foreclosure was caused by circumstances beyond the control of the borrower (s) such as unemployment; prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified.

If a foreclosure, deed in lieu, or short sale process is in conjunction with a bankruptcy, use the latest date of either the discharge of the bankruptcy or transfer of title for the home to establish the beginning date of re-established credit. If there is a significant delay in the transfer of title, the lender should contact the RLC of jurisdiction for guidance.

For a deed in lieu or short sale, develop complete information on the facts and circumstances in which the borrowers) voluntarily surrendered the property. If the borrower’s payment history on the property was not affected before the short sale or deed in lieu and was voluntarily communicating with the servicer or holder, then a waiting period from the date transfer of the property may not be necessary.
If the foreclosure, deed and lieu or short sale was on a Kentucky VA-guaranteed loan, then a borrower may not have full entitlement available for the new Kentucky VA loan. Ensure that the borrower’s COE reflects sufficient entitlement to meet any secondary marketing requirements of the VA Mortgage Lender in Kentucky

 

In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.

Kentucky VA Loan Mortgage Pre-Approval Checklist

  • one full month’s worth of pay stubs
  • 2018 and 2017 W-2′s
  • 2018 and 2017 tax returns
  • Your  VA Certificate of Eligibility (we can help you get this if needed, just need your dd214) 
  • Last two months bank statements for all accounts
  •  
  • Link here to get your COE—–>>>>> https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp

Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home.

Your first house payment usually starts 30-60 days after you close.

Your loan pre-approval is usually good for 60 days.
I don’t need originals, copies are fine. You can fax or email  me the above documents,  or meet me face-to-face if you wish to make copies and go over your options.

Let me know your questions.

Thanks and look forward to helping you.

 

 

 

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

 

VA Loan Limits for all Kentucky Counties in 2019

VA Loan Limits for all Kentucky Counties in 2019

2019 VA Home Loan Limits for Kentucky for each County of Kentucky:
 
The loan limits below are the maximum 2019, $0 down VA loan amount set for each county of Kentucky. 
 
 

Kentucky VA Loan Limits for 2019

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you.

The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a downpayment. These loan limits vary by county, since the value of a house depends in part on its location.

The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran’s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.

Kentucky VA county loan limit:

  • VA’s 2019 Loan Limits are the same as the Federal Housing Finance Agency’s limits – 2019 Loan Limits (Effective January 1, 2019).
  • For purposes of determining the VA guaranty, lenders are instructed to reference only the One-Unit Limit column in the FHFA Table “Fannie Mae and Freddie Mac Maximum Loan Limits for Mortgages Acquired in Calendar Year 2018 and Originated after 10/1/2011 or before 7/1/2007”.

 


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

 

Using Your Veterans Benefit to Buy a Home In Kentucky

 

 

 

Probably one of the most talked about GI benefits is the VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? Learn what it is & how can it help you here.

Using Your Veterans Benefit to Buy a Home In Kentucky

Using Your Veterans Benefit to Buy a Home in Kentucky | 

Probably one of the most talked about GI benefits is the Kentucky VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? Learn what it is & how can it help you here.

Using Your Veterans Benefit To Buy A Home In Kentucky For Zero Down

May 31, 2019 06:00AM 

Kentucky VA Home Loan Guidelines
Those eligible for VA loans should at least look into taking advantage of this benefit
Probably one of the most talked about GI benefits is the VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? What is the benefit, how can it help you, and what’s the process?

Experience tells me that in our area, this is an under-utilized tool by many real estate agents and loan officers. Why? Because like anything having to do with the government, there are a few internal twists. But fear not—if you hire an experienced agent and have the right loan officer, you won’t even be aware of these.
What’s the Benefit?
While there are other housing-related programs that will help assist in repairing, retaining, or adapting a personal home, we’re specifically referring to the VA home loan. This type of loan is available through private lenders to service members, veterans, and qualifying surviving spouses. In a nutshell, the VA stands behind the loan, guaranteeing a portion of it, and either eliminating the need for or in lieu of a 20% down payment, as well as costly private mortgage insurance. It can be used to buy, build, or refinance a primary residence.
How Can It Help You?
  • Limited or Zero Down payment for veterans
  • No Mortgage Insurance monthly  (there is a one-time funding fee)
  • Re-Usable & Assumable by other eligible VA Mortgage buyers
  • No minimum credit score
  • Past Bankruptcies and Foreclosure over 2 years you can apply again
  • Can be used in any county of Kentucky with a max loan limit in 2019 of $484,500
  • No income limits on how much you can make
  • can refinance up to 100% of the home’s value if it passed the VA Net Tangible Worksheet
  • Very low 30 year fixed rate loans when compared to conventional loans
  • VA loans require termite inspection on all loans.
What’s the Process?
The first question to ask is, do you qualify? If the answer is yes:
  • Get financially pre-qualified by a lender that does VA backed loans, since not all banks do them, it is best to shop around and ask if the lender does a lot of VA loans in Kentucky
  • Obtain your Certificate of Eligibility (COE). The lender can help you with this.
  • Find your home
  • Negotiate the terms of your transaction
  • Apply for your loan
  • Closing

Those eligible for Kentucky VA loans, should at least look into taking advantage of this benefit.


http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

Joel Lobb

 

 

 

 

 

 

 

Source: Using Your Veterans Benefit to Buy a Home | Bellingham Bulletin

How Can A First Time Home Buyer With Bad Credit Get A House?

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Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

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Tips on Federal VA Loans

here are more Veterans than ever who are eligible for Federal VA financing ! Each day it seems I have an opportunity to work with Veterans who are finishing active duty or are making the transition to civilian life.

Veterans may return to the position they left when called to active duty, or may be hired by a new employer who sees the quality of employee they can have. Qualifying to buy and finance a home is reviewed individually based upon all employment history.

Here are some helpful tips to save money :

If receiving disability income from VA, a Veteran is exempt from the VA Funding Fee. The Funding Fee is financed and over the term of the loan it saves thousands !

Under regular Military, this fee can be 2.15% or on second use 3.3% Those in the reserves have a higher premium.

If you are not eligible to waive the VA Funding Fee– you can save on how much is paid by considering a down payment!

The VA Loan is available for up to 100% of the sales price however, if you consider putting 5% down and fall under regular military it drops from 2.15% to 1.5%. Reservists experience a similar savings! Here is an example:

On a Sales Price of $180,000.00 for a regular military Veteran, the cost of the Funding Fee is $ 3,870.00. At 5% down payment the VA Funding Fee is reduced to $2,700.00.

Have the seller payoff some of the Veterans debts!

Many individuals are not aware that VA Allows a seller to pay off debts . The total amount of contribution to veterans costs and debt cannot the limitation of 4% .

It is essential to work closely with the Real Estate professional on directing the wording in the earnest money agreement to request the amount necessary contribution necessary for the Veteran to close the loan.

Call me for any questions, knowing the flexibility of the Federal VA Program over the years, has enabled me to assist the Veteran in achieving the goal of home ownership!

Kerry Vasquez on Oregon Home Loans

There  are more Veterans than ever who are eligible for Federal VA financing !  Each day it seems I have an opportunity to work with Veterans who are finishing active duty or are making the transition to civilian life.

Veterans may return to the position they left when called to active duty, or may be hired by a new employer who sees the quality of employee they can have.  Qualifying to buy and finance a home is reviewed individually based upon all employment history.

Here are some helpful tips to save money :

If receiving disability income from VA, a Veteran is exempt from the VA Funding Fee.  The Funding Fee is financed and over the term of the loan it saves thousands !

Under regular Military, this fee can be 2.15% or on second use 3.3%   Those in the reserves have a higher premium.

If you are not eligible…

View original post 199 more words

Veterans Loans

Kerry Vasquez on Oregon Home Loans

Financing Options for Veterans:

There are terrific options are available to our qualified veterans serving in “Active duty” or the Reserves.

Federal VA

The Federal VA loan program offers up to 100% financing for a home purchase for Eligible Veterans with the available entitlement. Eligibility established based upon time in military service and type of military separation.

Qualifying periods can be determined in reviewing the DD214 and to see if requirements have been met. Current qualifying periods from 8-2-90 to current date is 90 days active duty.

Reservists called to active duty may be eligible for loan guarantee benefits provided they served at least 90 days of active service and received honorable discharge/separation.
Eligibility is easy to determine. I specialize in working with Veterans in determining their best financing option. A copy of the DD214 and our completion of a VA form will allow us to see if this loan…

View original post 284 more words

Myths with Credit Bureaus

Kerry Vasquez on Oregon Home Loans

Credit being  such a vital part of our daily lives, it is important that we as informed as possible on this subject. Here are some thoughts on that all important subjectcredit.

Myth No. 1 It is easy to dispute a credit report. Consumer’s can resolve their own issues.

To be honest, it IS simple to challenge a credit report. However, as an everyday person, it is amazingly difficult and frustrating to get results from the credit bureaus. Here’s why…

Here is a little known fact. More complaints to the FTC involve credit bureaus than any other type of company.                                         The 3 bureaus have paid fines of over 2.5 million over the years due to failure to respond properly to charges.

It would seem, the main objective of the credit bureaus is to protect their…

View original post 1,335 more words

VA to Decrease Funding Fee

In case you didn’t know, the US Department of Veteran’s Affairs (VA) is going to reduce the funding fee on VA loans from 2.15% to 1.4%. This will greatly reduce the upfront costs to veterans considering using VA to purchase their next home. If you are a veteran, active duty, reservist, or surviving spouse now is a great time to take advantage of the reduced costs. We are an approved VA lender and have the necessary experience to guide you through the VA process.

Some advantages of using your VA entitlement are no down payment, no mortgage insurance, and the VA funding fee may be financed into the loan. This is an awesome program for awesome people!

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Arlington National Cemetery Graves (Burial Cri...

In case you didn’t know, the US Department of Veteran’s Affairs (VA) is going to reduce the funding fee on VA loans from 2.15% to 1.4%.  This will greatly reduce the upfront costs to veterans considering using VA to purchase their next home.  If you are a veteran, active duty, reservist, or surviving spouse now is a great time to take advantage of the reduced costs.  We are an approved VA lender and have the necessary experience to guide you through the VA process.

Some advantages of using your VA entitlement are no down payment, no mortgage insurance, and the VA funding fee may be financed into the loan.  This is an awesome program for awesome people!

View original post

What is a VA loan?

Today, with lending standards tightening up, VA loans are making a comeback! Here are some quick facts regarding a VA loan:

A VA loan is designed for veterans and active duty military personnel.
VA loans are federally guaranteed and require NO DOWN PAYMENT!
You can obtain a VA loan through private lenders such as banks, savings & loans, and mortgage companies.
VA offers competitive rates… sometimes the lowest around!
You may purchase any kind of residential property with your VA loan… but, it MUST be your primary residence at the time of purchase and for two years thereafter. You can choose to keep the property for rental purposes if you occupy the property for two consecutive years prior.
Generally speaking, the maximum amount you can borrow for a VA loan is $484,500. There are some “high cost” areas with higher loan limits. Contact a VA rep or your lender for more information.
There is NO PMI (Private Mortgage Insurance) on a VA loan!!! EVER!
There is a cost for using your VA loan. It’s called the VA Funding Fee. The first time you use your VA, the fee is 2.15% of the agreed purchase price, thereafter the fee increases to 3.3%. However, you can decrease the fee after your initial use by putting a down payment on the loan.
There are some individuals who are exempt from paying the VA funding fee. These include any vet receiving compensation for service-related medical issues, and surviving spouses of those who died in service or due to service-related disabilities.
Your VA funding fee CAN be added to your loan balance and factored into your monthly payment. In other words, if you qualify for the entire amount (cost of home + funding fee), you can finance the funding fee.
Allowable closing costs and fees are tightly structured in a VA loan in order to benefit and protect the vet.
It is possible to receive up to 4% in “seller concessions” (money back at closing from the seller) to use for things such as closing costs, payment of funding fee, paying points on the loan to lower the interest rate, etc.
Your lender cannot charge a penalty for early payment of the loan balance.

Have you ever been completely and utterly confused by the various types of financing in a real estate transaction?  YES.  It can be overwhelming!  Here is info on one of the “comeback kids” in the mortgage market… the VA Loan!

During the height of the market, many buyers and sellers neglected the VA loan in large part because of the competitive nature of market at that time.  Because we were in a seller’s market then, sellers dictated the types of financing that they would accept… VA was last on the list many times.  This was because sellers did not want to pay the sometimes higher costs associated with the loans.  Also, VA appraisers are known to be very particular.

Today, with lending standards tightening up, VA loans are making a comeback!  Here are some quick facts regarding a VA loan:

  • A VA loan is designed for veterans and active duty…

View original post 411 more words